Hong Kong Monetary Authority
QUARTERLY
BULLETIN
Issue No. 52
September 2007
Editorial
3
Feature Articles
Determinants of the performance of banks in Hong Kong
Sources of employment growth in Hong Kong
5
16
Sung-Dynasty silver ingot
Silver was widely used during the
Sung Dynasty. Government revenue,
such as commercial, salt, tea, mining,
cultivation and personal taxes, and
Government expenditure, such as
salaries of civil servants and military
personnel, civil-disaster aid and
other miscellaneous expenditure,
were all paid in silver. In the early
years of the Southern Sung Dynasty,
paper currencies (jiaozi and huizi)
had depreciated so much, because
of over-supply, that transactions
were conducted with silver ingots
and copper coins only.
The photo shows a 25-tael (about
935 grams) Sung-Dynasty silver
ingot. The ingot is shaped like a
kidney, or one of the weights
commonly used at the time. This
was a popular shape for silver ingots
in the Sung, Tang, Yuan and Ming
Dynasties.
The marking on the ingot reads
“travel tax” (a type of business tax, or
tax imposed on merchants for
entering and leaving the capital). It
also includes the words “outside the
Rosefinch Gate, Zhang Yi-lang of
the north”, which are the location of
the mint and the name of the
silversmith.
Emperors of the Yuan Dynasty liked
to make silver ingots for giving out as
rewards to subjects who had made
significant contributions to the
empire. They called these ingots
“yuan chao zhi bao” (treasure of the
Yuan Dynasty) and have the marking
“yuan bao” pressed on the ingots.
Because of this, ingots are also
called “yuan bao”.
Regular Articles
Domestic and external environment
31
Operation of monetary policy
38
Record of Discussion of the EFAC Currency Board Sub-Committee on
25 May 2007
40
Reports on Currency Board Operations for
30 March – 10 May 2007
42
11 May – 4 June 2007
47
5 June – 3 July 2007
52
Developments in the banking sector
57
Key Announcements (June to August 2007)
66
Reference Resources
68
Statistical Appendices
71
Monetary Statistics
72
Banking Statistics
73
Capital Markets Statistics
74
Economic Statistics
74
©2007 Hong Kong Monetary Authority
Reproduction for non-commercial purpose is
permitted provided that the source is properly
stated.
This Bulletin incorporates information up to
12 September 2007.
Cover picture acknowledgements:
Mr Cheng Po-hung
Full texts of this Bulletin and of back issues are
available on the HKMA website at
www.hkma.gov.hk
The Bulletin is published in March, June,
September and December each year.
Hong Kong Monetary Authority
55th Floor, Two International Finance Centre,
8 Finance Street, Central, Hong Kong
Telephone: (852) 2878 8196
Facsimile: (852) 2878 8197
E-mail: [email protected]
www.hkma.gov.hk
ISSN 1726-9717
Printed in Hong Kong on recycled paper
HK$100